Auto stocks rose in the morning, and the industry's prospects are expected to improve. The impact of the U.S. raising tariffs on Chinese EVs may be limited.
1min read Most auto stocks rose in the morning. As of the time of writing, Li Auto-W (02015) rose 3.97% to HK$77.2; GAC Group (02238) rose 2.69% to HK$2.29; Le Auto (09863) rose 2.45% to HK$23; BYD (01211) rose 1.67% to HK$244; XPeng (09868) rose 1.14% to HK$35.5.
On the news front, according to CPCA, from September 1 to 8, the retail volume of passenger vehicles was 388,000 units, up 10% YoY and up 5% MoM. From September 1 to 8, the retail volume of new energy vehicles was 214,000 units, up 56% YoY and up 11% MoM. In addition, as of 0:00 on September 14, the car scrappage and renewal information platform received more than 1 million applications for car scrappage and renewal subsidies (with a daily application volume of over 13,000). Everbright Securities believes that the industry's sentiment is expected to improve in 2H24E as the scrappage and renewal policy is steadily promoted in various places.
Recently, the US government decided to significantly raise import tariffs on Chinese products, with a 100% increase in tariffs on electric vehicles. According to the announcement of the US Trade Representative's Office, some tariff adjustments will begin to take effect on September 27. Industry insiders have analyzed that the current export of new energy vehicles to the US is small, and the actual impact of this tariff increase on China's new energy vehicle exports is limited.